4-traders.com; Terra Tech Corp. (OTCBB: TRTC), a leader in sustainable agricultural products, announced today that it has signed an agreement with New Jersey based Edible Farms, a division of NB plant products to jointly construct and operate up to 10 acres of commercial hydroponic greenhouse specializing in the production of locally grown, hydroponic produce.
Currently Edible Farms cultivates and sells their line of living basil and other fresh hydroponically grown produce to major retailers throughout the Northeast such as Shoprite, Fairway, D’Agostino, Kings, The Food Emporium and more. With current annual revenue in excess of $2,000,000,Edible Farms is looking to Terra Tech to expand their production capacity. Based upon their current gross revenue per square foot the first 2.5 acre facility should produce close to $7,000,000 in additional annual revenue. Several of their current retail customers have indicated a desire to purchase a greater degree of product as their production increases. This project will be 51% owned by Terra Tech who is responsible for securing the necessary capital for the expansion plan.
“With over 12,000 grocery retailers within a 6 hour drive of our farm we are uniquely positioned to deliver produce that is extremely fresh and sustainable,” explains Ken Vande Vrede, Director of Marketing for Edible Farms. “We have estimated the local market opportunity to be in excess of $500 Million and the appetite for locally grown sustainable produce to be enormous. This relationship with Terra Tech gives us a technological advantage over our competition and allows us to expand quicker and become more environmentally friendly in our cultivation.”